Ivan on Tech, a popular crypto blogger, has taken to Twitter to share that SOL has sunk below Tron (TRX) and Shiba Inu meme coin (SHIB) in terms of market capitalization. He likened Solana, which has been in trouble recently, to EOS 2.0.
SHIB flips SOL by market cap size
According to popular crypto reference platform CoinMarketCap which belongs to Binance, Solana is now holding 16th position on the top 20 list of cryptos. Shiba Inu is one spot higher, holding 15th place, and Tron's TRX sits in 14th place.
The market caps of SHIB and SOL are equal to $4,555,045,988 and $4,094,003,759, respectively. There is a big difference between their trading volumes as well, though here SOL remains ahead of the second largest meme coin — $136,686,958 for SOL versus $56,214,086 for SHIB.
Ivan believes that projects that are building on Solana are now going to leave it for EVM L2s, comparing SOL to EOS 2.0.
Solana is now below Tron and even SHIB 😅— Ivan on Tech 🇺🇦🥑 - Building Moralis Web3 (@IvanOnTech) December 27, 2022
Sadly, I think this is EOS 2.0
Devs don’t want to build on a dying infrastructure, Solana projects likely migrate to EVM L2s
Bad news about Solana
Earlier, Eric Wall, Swedish crypto researcher, tweeted that the total amount of value locked in Solana had shrunk from $12 billion to under $400 million within the past year. Now, the TVL on this chain stands at $215 million.
Solana is like “The Little Engine that Couldn’t” https://t.co/AWYZbbCkYh— Ben Armstrong (@Bitboy_Crypto) December 27, 2022
Ben Armstrong, crypto blogger also known as BitBoy, commented on that, referring to Solana as "The Little Engine that Couldn't." He also shared that two major NFT projects are leaving the platform and launched a poll for his followers, asking whether they think Solana is dead or not.
Prominent investor Mike Alfred yesterday likened SOL to Santa Claus. He stated that while some children still believe in the former, some adults keep believing in SOL.
Solana received a major blow after the collapse of the FTX crypto exchange. Since that event, which occurred in early November, the SOL price dropped by over 50%. Founder of FTX Sam Bankman-Fried was a big supporter of Solana and had invested in it heavily via his multiple ventures.
His trading company, Alameda Research, whose bankruptcy triggered the crash of FTX, bought a whopping $1.2 billion worth of SOL, and it also held $1.15 billion in this token.
At the time of this writing, SOL is trading at $11.5, dropping by nearly 10% in the past 10 days.